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An update from AuMake Ltd. ( (AU:AUK) ) is now available.
Aumake Limited has disclosed that it breached ASX Listing Rule 10.1 by failing to obtain prior shareholder approval for the acquisition of Neurio formulated milk powder inventory from New Continent Australia, a related-party entity controlled at the time by director Zhao (Tracy) Zhang. The purchases, totalling $532,941 across six orders between December 2023 and January 2024, exceeded 5% of the company’s equity as at June 2023, triggering the need for approval that was not sought.
The company also clarified that an earlier financial report incorrectly stated a higher purchase figure from New Continent, later corrected to $532,941 in its half-year accounts. Aumake has discussed the matter with its auditors, disclosed the error, and outlined existing governance procedures, while committing to review and strengthen its policies in line with ASX Corporate Governance Principles, signalling efforts to tighten compliance and reassure investors about oversight of related-party transactions.
The most recent analyst rating on (AU:AUK) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on AuMake Ltd. stock, see the AU:AUK Stock Forecast page.
More about AuMake Ltd.
Aumake Limited is an ASX-listed company that operates through subsidiaries including Aumake Hong Kong Limited, focusing on the acquisition and distribution of consumer products such as Neurio formulated milk powder. The company engages in cross-border trade between Australia and Asian markets, leveraging related-party supply chains that require strict adherence to ASX corporate governance and listing rules.
Current Market Cap: A$11.54M
See more insights into AUK stock on TipRanks’ Stock Analysis page.